Earlier this year, Pearl Research predicted the Chinese online gaming market would reach $5.5 billion by 2012. At this rate, it's almost guaranteed to go beyond that estimate.

Meanwhile, back in the U.S., the latest Inside Virtual Goods report predicts that trading in online virtual goods will top $1 billion in 2009. We've certainly seen a big uptick in the purchase and interest in virtual goods--especially in the recession where people are looking for more bite-size gifts.

The report cites Zynga as the leader in the U.S. with revenue estimated at $300 million. Who knew you could make that kind of money selling poker chips, mystery crates, home improvements and flame throwers?